29-8-2023 (SINGAPORE) Singapore’s sprawling S$1 billion money laundering investigation has taken an unexpected turn, encompassing traders in precious stones and metals. The Ministry of Law (MinLaw) issued a notice on Sunday, August 27, disclosing the involvement of 24 more suspects in the case. This development comes in the wake of the recent arrests of ten foreign nationals linked to the scandal.
The notice was dispatched to the Gem Traders Association of Singapore (GTAS) and was subsequently acquired by Channel NewsAsia (CNA). Within its contents were the identities of 34 individuals, including the aforementioned ten foreign nationals. Among the 34, twelve are currently cooperating with ongoing investigations, while an additional eight are currently fugitives sought by the authorities.
MinLaw, through its Anti-Money Laundering/Countering the Financing of Terrorism Division, asserted that these individuals share interconnected relationships. Notably, none of those implicated hold Singaporean citizenship or permanent residency.
The advisory from MinLaw implores those involved in the trade of precious metals and gemstones to conduct thorough reviews of their transactions and business associations. The aim is to identify any suspicious activities, particularly those related to money laundering, that may have links to the ongoing police inquiry.
Furthermore, the notice serves as a reminder of the obligation on the part of traders to promptly file Suspicious Transaction Reports (STRs) if they encounter transactions connected to any of the 34 individuals or if they have any reason to suspect links to illicit activities.
Mohamed Bilal, President of the Gem Traders Association of Singapore, emphasized the organization’s commitment to keeping its members informed about the Ministry of Law’s guidance. He stated, “Our members are bound by the laws of the Singapore Government… We only accept new members if they have legitimate referrals.” He also noted that Singaporean dealers are known for their strict adherence to legal requirements.
The unfolding saga began on August 15 when over 400 law enforcement officers simultaneously executed raids at multiple locations throughout Singapore. This operation marked one of the nation’s most extensive police investigations into money laundering and forgery. Assets worth approximately S$1 billion, including real estate, vehicles, luxury handbags, watches, and jewelry, were confiscated.
Among the ten foreigners arrested during the operation, individuals held Cypriot, Turkish, Chinese, Cambodian, and Ni-Vanuatu nationalities. Those not of Chinese nationality were found to be in possession of foreign passports suspected to have been issued by China and other nations. At least two of the suspects are reportedly wanted by Chinese authorities for various offenses.
Mr. Mohamed, in reflecting on the situation, pointed out, “Most of the perpetrators of this crime are foreigners. Foreigners bring precious stones into Singapore with a temporary import permit from the Singapore Customs. They can handle those items for up to 90 days.” He further raised concerns about foreigners engaging in business activities within Singapore without proper registration, work permits, or receipts. He called upon the Ministry of Law to intensify scrutiny of foreign traders and tighten regulations governing their operations.
